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tv   Senator Marco Rubio R-FL Remarks on the Economy  CSPAN  July 12, 2015 2:08pm-2:56pm EDT

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tle untiluch time as miissippiians as uth caroliniandid yesterday make statemt and rove that om theirlag. i urge my collgues my fellow americans, the 434 of my colleagues that ha raised eihand and swn ptect and defend the constutn of the united states of america i ur my colleagues, lets do e right tng and reject this endment and send a poweul ssage about what america truly present, equality, justice respect for one anotr freed all. let us make america, every
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ameranroud of us this day rejecthe amement adopted in the dead of nig several spending bills have been taken off the agenda after last weeks derailment because of objections over the rural flag amendment. the house returns tomorrow at noon eastern for general speeches, 2:00 for legislative business. those considered include disaster loans for those affected by superstorm sandy in 2012. members could consider california draft relief or a trade enforcement measure. the senate back tomorrow at 3:00 here in they work on changes to the no caps off kind act. votes on amendments scheduled for 5:30 in the afternoon. later in the week, possible to see work on highway funding.
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you can watch the house live on c-span and the senate live on c-span 2. >> book tv is television for serious readers. join us next saturday, starting at 11:00 a.m. eastern, four hour all day live coverage of the harlem book fair, the flagship african-american literary event with author talks and panel discussion featuring a historian and journalist. on sunday, august 2, author and code pink cofounder on in-depth. saturday, september 5, we are live for the national book festival sold running its 15th year. sunday, our live in depth program with former second lady and senior fellow at the american enterprise institute lynn cheney. that is some of the upcoming programs on book tv. >> conservative pollster and author of "the selfie vote" on
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the trends in technology, the millennial generation, and have political parties are vying for this increasingly crucial voting block. >> when you look at where people's eyeballs are going, it used to be folks were focused on the television. political advertising became very heavily focused on ads. the technology has changed so that now if you walk into a room not just of 20-year-olds but 60-year-olds, what are they looking at? they are looking at their phones. folks in the political world who want to reach the next generation or into the future understand what the future of political advertising is going to look like -- things like candy crush may be fading in popularity but there is always something new that is popping up. finding ways to get your message in front of people, where they are paying attention, is really important. christ tonight at 8:00 eastern and pacific on c-span's q&a.
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>> florida senator and 2016 presidential candidate marco rubio was recently in chicago. he talked about economic policy and job creation through innovation and technology. he spoke at 1871 a self-described entrepreneurial hub or digital startups. this comes as part of c-span's road to the white house coverage. it is 45 minutes. [applause] >> senator. senator rubio: thank you very much for hosting us here today, and all of you for being part of this. i want to begin by pointing out the fact that it has been 15 and a half years since the 21st century ended, the american century. it was a century in which our nation overcame depression, lead the world against evil multiple times, and recorded some of the greatest advances in human history. airplanes in the sky.
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boot prints on the moon. the world's knowledge first brought online. all this was possible because we built what no civilization had ever built before -- a stable, broad, and accessible middle-class through which our people drove the affairs of the world. my parents were two immigrants from cuba with little formal education. they reached the middle class. they did so through humble jobs. first at an assembly plant for lawn chairs, and then my mother went to work as a cashier, a maid, and finally a clerk at kmart. my father was primarily a bartender. they never got rich. but my parents achieved the american dream because through these modest jobs, they reached financial security. they raised the family in a safe neighborhood. they provided for our needs. and they left their children with lives better than their own. more people achieve this
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american dream in america in the 20th century than at any other time and in any other place in human history. but today, many jobs like the ones my parents held no longer provide a viable path to the middle class. their job assembling launchers, or even the cashier job my mother held, have likely been replaced by machines. other similar positions have been outsourced or were paid the same wage for a decade or more. most of those impacted lacked qualifications to move to a better position, and their higher education was too expensive and require too much time away from work and family. the result is that the path to the middle class is narrower today than it has been for generations. the american dream summit he achieved in the last century is now in peril. hardship -- it is not the result of an economic downturn.
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that will naturally correct itself. it is born of a fundamental transformation of the very nature of our economy, the disruptions of which have been prolonged and compounded by the ill your of our leaders, our policies -- the failure of our leaders and institutions to transform accordingly. there are two primary forces behind the transformation. first is radical technological progress including development of the internet, information technology wireless and mobile capabilities, robotics, and more. the second has risen partly from the first, and that is globalization. from where you sit, you can sell a product to someone on the other side of the world almost as easily as the person on your left or right. this has pulled us into competition with dozens of other nations for business, jobs talent, and innovation. over the last two decades not a single industry has been untouched by these forces, and
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the disruptions have triggered a cascade of anxiety. fewer americans believe in the of viability -- the viability of the american economy. it is the worst technology crisis since 2009. most media pundits case a dreary picture of the future in which outsourcing and automation continue to shatter the american workforce. but history is not silent on the subject. it tells us the future is swayed by the actions we take. generations of americans before us faced equally disruptive periods of transformation. for example, in the industrial revolution, machine suddenly automated the tasks people had built their lives around for centuries. like today, the beginning was rough. jobs were lost. wages were static. m new wealth is concentrated at the top. -- and new wealth was concentrated at the top. that's and fears about the future were widespread. something changed. when our children learn about
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the industrial revolution, they learn it was progress. jobs were lost, but even more were gained. the middle class expanded and thrived and laid the cornerstone of the american century. how did that generation overcome the challenge? it was not through resistance, pushing back against new technologies or trying to resurrect old jobs. it was throughout a petition. this -- through adaptation integrating new technologies, learning new skills, and leaders leading in a new direction. today's technological revolution carries extraordinary opportunity. even more, i believe, then the industrial revolution ever did. will we have not yet seized these opportunities, nor is it guaranteed that we will. whether we do or do not depends on the actions we take, the leaders we choose, and the reforms we adopt. for the first 15.5 years of this century -- excuse me. for the first 15.5 years of this
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century, washington has looks to the past. our economy has changed, but our economic policies have not. and we have learned painfully that the old ways no longer work, that washington can no longer pretend the world is the same as it was in the 1980's. it cannot raise taxes like it did in the 1990's. and it cannot grow government like it did in the 2000s. the race to the future will never be won by going backward. it will never be won by hopping on hillary clinton's time machine to yesterday. she seems to believe, as many do, that pumping more of today's money into yesterday's programs will bring prosperity tomorrow. it will not. normal thinking small. hiking the minimum wage by a few dollars will not save the american dream but it will accelerate automation and outsourcing, increasing taxes and regulations will not promote fairness or help balance our budget, but it will snuff out innovation and crush small business.
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we need, in this country, a new president for a new age with original ideas to unlock the doors of innovation and education. only through an innovative economy, we translate new technologies into new middle class jobs, and only through a revolutionized higher education system can we equip all of our people to fill these new and better paying jobs. prosperity in our time is likely if we acted to embrace the future. we have opportunities that have never existed before, and the chance to seize them that will never exist again. i come before you today to discuss my ideas. to spur american innovation onward, to ensure that the rise of the machines will not be the fall of the worker, and to create a new american century upheld by a vitalized american
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dream and captured by a vibrant middle class. we know this much for certain. in the decades ahead, innovation will transform the world. cars may soon drive themselves. which is good news for me, if you have read some of the newspaper articles. [laughter] [applause] senator rubio: who are they going to give the red light camera to? virtual reality, nanotechnology robotics and more will impact in ways we cannot yet imagine. our devices will grow more powerful, bring new capabilities to the masses. the question is not whether innovations are coming. the question is whether america will develop or produce them, and whether our people will share in the wealth that they will help create. to build the most innovation friendly economy in the world, we must build the most this is friendly economy in the world. right now, we have nearly the exact opposite.
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the united states has the highest corporate tax rate in the developed world. we have a tax code that punishes american companies for competing in the global economy. and we have a regulatory system that stops the innovative engines of job creation. the first time in 35 years, we have more businesses dying than being born. in the first quarter of this year our economy shrank for the third time since our recovery began. over the last decade, the united states has lost $179 billion worth of domestic spending with foreign takeovers. when i am president, i will empower innovators rather than punish them. i will cut our corporate tax rate to be competitive with the average of 25% for developed nations. if we had done this 10 years ago, instead of losing $179 billion worth of american
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businesses, we would have acquired $590 billion worth of foreign trust. i will also establish a territorial [indiscernible] today, when an american company earns money overseas, it is taxed in that country. the country they earned it in. and again if it is brought back to america. we are the only g-8 country that levees that second tax, and the understandable impact is that many companies choose never to bring their money back home. apple, for example has $171 billion sitting overseas. that money would be an immediate economic boost. but because apple would be punished for bringing it back, they choose not to. my tax plan will allow immediate 100% expensing for businesses. this means that the more a company invests in creating jobs, the less they all in taxes. and the more they pay their worker, the less they pay their government.
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i will put a ceiling on the amount of u.s. regulations and what they can cost our economy. just since the year 2008, federal regulations have cost us $771 billion. many of these regulations are the results of an alliance between big is nice and big government. hillary clinton has argued the economy is rigged in waiver of wealthy interests. she is right. but what she won't tell you is that the government is doing the rigging. the massive regulatory apparatus inevitably becomes the instrument of those willing to implement it. government should empower the private sector, not control it. i sponsored and propose a bipartisan plan to modernize our national lab system, which has long been a leading source of science, medicine, and technology. much of the research gets trapped in the public sector but my legislation would
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increase the flexibility. we must also recognize industries that need special protection in the 21st century. in its short life, the internet has become one of humanity's greatest treasures, which is why it longs in the hands of our people, not our government. i have reinforced internet freedom and will continue that fight as president. i lead a coalition choose seed regulatory power. i will advance a plan to expand unlicensed spectrum, the highway of the digital age. the amount made available to the public is limited, and the result is a digital traffic jam. i will reallocate spectrum for an additional 350,000 jobs per 500 megahertz.
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to win the global competition for innovation, we must win the global competition for talent. we must make our immigration system still and merit-based relevance and with family-based which will protect american workers and attract talent to grow our economy and jobs. even once we pass through the door to the future, a second door remains shut in front of us. innovation will create millionaires and even billionaires. we must ensure it also creates a vibrant middle class. that can only be done through the modernization of our higher education. as our technological capabilities grow, it is true we will see more low-paying jobs replaced by machines, but that is only part of the story. with the innovation economy i just discussed, you will also see the creation of higher
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paying that only humans can perform. history backs this up. for example, when the power loom was invented, many feared it would eliminate all textile jobs. the truth turned out to be the opposite. the loom increased production, and so did demand. there was a need for skilled laborers. jobs in the tech industry increased for 100 years thereafter. these jobs did not immediately pay higher wages. workers tended to learn marketable skills that could be standardized across the industry. only then could the methods learned in one factory become useful in another, which gave workers leverage to demand higher wages. the lesson of history is clear. to empower today's worker, we must equip them with today's skills.
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and to do that we need a higher education system to innovate at the same rate as our economy. in the next 10 years, 35 5 million manufacturing jobs will be created. but if our higher education system remain stagnant at step in the past, 2 million of these jobs will be left unfilled. the same skills gap crosses industries. nearly one out of every three american employers reports having difficulty finding skilled applicants. yet we still tell our students that to get a degree they have to spend four years on a campus, tens of thousands of dollars on tuition, books, rooms, and board, and hundreds of hours in a classroom, often using subjects that are not relevant to the modern economy. the result is that many young people are graduating with a mountain of debt or degrees that do not lead to jobs, and many who need higher education the most, such as single parents and
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working adults, are left with few options that if their schedule and the budget. the problems of higher education are many, but the ideas from hillary clinton and other outdated leaders are narrow and shortsighted. we do not need timid tweaks to the old system. we need a holistic overhaul. we need to change how we provide degrees, how those degrees are accessed, how much the excess cost, and how those costs are paid, and even how those payments are determined. as president, i will begin with a powerful but simple reform. our higher education system today is controlled by what amounts to a cartel of existing colleges and universities. which use their power over the accreditation process to block innovative, low-cost competitors from entering the marketplace. within my first hundred days, we will test this cartel by establishing a new accreditation process that welcomes low-cost
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innovative providers. this would expose higher education to the market forces of choice and competition, which would from a revolution driven by the needs of students, just as the needs of consumers drive the prospect of other industries in our economy. other reforms can hasten this transition. i will empower students to choose the right degree, at the right price, from the right institution for them. this is the students write before you go act, which includes calculations to help students figure out how much they could earn from a given degree before they take up the loans to pay for it. by making income-based repayment automatic for all, so the more they make, the faster they pay back their loans. the less than a the less strains these loans will cost. i will ease the shadow of death
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hovering over millions graduates. but for teacher students we can also create an alternative to loans that avoids the problem of debt altogether. i have proposed an idea called the student investment plan. as president, i will also make career and vocational education more widespread and accessible. this can begin as early as high school, so we can graduate students with a certification to work as a mechanic, a plumber, a welder, and electrician, any number of good paying occupations. i will expand apprenticeship programs which can provide on-the-job training and help standardize skills by hoping students learn methods from
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experienced workers and spread them throughout the industry. this is not an exhaustive list of ideas but i can see how these can open doors for middle-class. in miami icing high schoolers graduate certified to begin high-paying careers as electricians. i have seen single mothers learn how to provide for their children themselves, and i've seen higher education should my own life, with an enormous cost and the enormous payoff that must extend to all. my innovation a higher education agendas form only a portion of the blueprint i have drawn up for my presidency. the whole vision is based on a simple concept. the future must be embraced with enthusiasm and with vision. in the 19th century, and generation of instead exactly
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that. they faced similar challenges to arms. it the steam engine made the world smaller. new machines created new embassy , and evidence of centuries-old economic status quo. just imagine what the world would've looked like if that generation had a resistant these changes rather than embraced them. imagine if they refused to give up the old ways and allow the promise of the industrial age to pass them by the loss would've been suffer not only by their generation but every generation after. the american century would've never existed. the stakes for our time are just as high area if we fail to capture the promise of this new age, we will be the first generation to lead a weaker america behind. if we succeed, we will lay the cornerstone for a new american century.
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real not just recover economic ground, we will regain its. we will see the creation of higher-paying, more fulfilling, more exciting jobs than ever before. there are those today, and there have always been who say prosperity is possible, that the future is lost. seemed for a while that all you have to do is become a best-selling author, and write a book depicting a post america world. many of these forecast's come from people who rarely leave washington dc. the city is all they see, it is no wendy that wonder they think america is in trouble. i say to them go to boston, it is the most innovative square in the world. they can. through the looking glass into the revolution in our world. see how an air of private and public hardship has put new adventures and new achievements
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and new discoveries within reach of humankind and how suddenly, and americans live on mars has turned from an impossible pipedream to an achievable american dream. go to reno, nevada. these the data center being built by apple. see the 1.2 million square-foot distribution warehouse being opened by amazon. see the getting of constructed by tesla and panasonic which will transform the automobile in the century, and create as many as 9000 good paying jobs in nevada alone. i say go to new hampshire, visit southern new hampshire university, which is consistently named one of the most innovative organizations in the world, on the list of a hole up google -- of apple and google. it pushes the list of names naysayers out of the 21st century.
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they provide entrepreneurs with internships, training, programming, and educational resources. investors and fellow dreamers dedicated to pulling american businesses into a new age. these examples are not outliers, they are a pattern. anyone who sees these things will understand that nothing has changed about our people. we are the inheritors of the american spirit of the american dream. the american century. you our planes flown the blood of men and women who refused to accept the burdens of the last -- of the past or resign their ways to the old ways to doing things. the verdict of our time will be written by those who have not yet been born. let them ride that we did our part. but in the early years of the century we turned the corner on
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the past. we elected new leaders for new time. we adopted policies that encouraged americans to invest in the products of tomorrow, manufacture them and tell them throughout the world. we design higher education that a lot letter middle-class to perform the great work and leave them great rewards of the century. time has brought us to this doorstep of the future. whether we turn the knob and push over step across the threshold of the new age whether we embrace the century with its challenges and opportunities, its dangers, is a decision that is ours alone to make. i say we have lingered long enough. i invite you to step forward with me together. thank you. [applause]
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>> before we get started, i know you love your miami dolphins. i want to remind you that you are in the home of the nhl. the defending stanley cup champions. [applause] sen. rubio: there we go. there are not a lot of rubio's in the nhl. they do not play hockey in cuba. thank you. should i wear it now? [laughter] depends on how tough the interviews going to be. >> welcome to chicago and thank you for being here. thank you for 1871 for hosting this event. senator, let us start by talking about the economy more broadly. the stock market at highest,
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unemployment is down to 5.3% and yet, what is the problem? sen. rubio: that is a great question. what is interesting about this new economy is that a lot of traditional markers of economic health or not mean what they once did. for example, the unemployment rate, added 21st century view of things, the problem is that a lot of people employed are underemployed. they are earning wages that have not kept up with cost-of-living. a graphic example of that is that in 31 states of the country that health care is more expensive and going to college. imagine you are a single mother that makes $900 a week. for $250 a week, that's going to childcare and that is going to a huge chunk of your budget you cannot live without it. then you have millions of people who i dropped out and are searching for work. they have given up and have become more lies. they're working part times i differ jobs here and there.
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and the nature of the economy, there are people who will not work at one company for years, see our jumping out of the labor pool. the result is that the unemployment rate no longer means what it once did especially when you take into part the number of people participating in the labor force is as low as it has been in the last 30 years. then, you add wages. wages have stagnated decades while the cost of living has rapidly increase. the only way to close that gap is innovation, better paying jobs, and helping people acquire the skills they need for the better paying jobs. >> it has led people to talk of income inequality. the top 1% is getting richer while main street is being left behind. what is the biggest -- of the things you outlined, what is the
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single most important thing that you would do upon taking office that would help correct this? sen. rubio: income inequality exists for a couple of reasons. the primary one is that the higher jobs of the 21st century and careers that are economically fulfilling in the 21st century just pay a lot more money than similar previous did in the 20th century. if you are not one of those fields are industries, your stagnant. there is really not want the can do. there are two things you can do. the first is to make america the best place in the world. then you give people the skills they need to make those jobs. i tell my parents store because they lived in a time and grew up in a time where a bartender and demand to make enough money to afford home ownership, raise a
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family, and retire with dignity. jobs like that do not pay enough anymore. in order for my parents to be able to do today what they did 25 years ago, my dad would have - had to become an electrician. my mother would've had to become a dental hygienist or paralegal. that requires education which many people have no access to because they have to work full-time and raise a family. they cannot shroff everything in sydney classroom two years. that is what we have to do two things. make america the best place in the world to get jobs and make it the easiest place the world to get those skills. tom: greece is in the news. puerto rico is in the news. how much of an economic drag is the national debt and what do you propose about that?
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sen. rubio: the more debt is being sold, the more capital dedicated to debt and less available to investment in the private sector. the on, increase the specter of a debt crisis. the debt crisis is not a good thing. if nothing changes, and continue doing things the way we are now, at some point we will have a debt crisis. we have insulated up to now because of reserve currency and because other places are unstable. eventually people who loan money to america are going to insist on a higher yield. that means higher returns on their loading of money out. when that happens, the interest payments alone will make a debt crisis and the results will be catastrophic for those economies in the world. the only way to fix the national debt is the accommodation of
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dynamic economic growth, which i outlined here today, and by reforming social security and medicare. i want to or for programs without making changes for people like my mother. my mother is off social security and medicare here i want those programs to say exactly the way they are for her and people of similar age, people who have retired or are ready about for retire. that would require people of my generation that social security and medicare will be different than my words. it will still be the best thing in the world, but it will be different. we will have to retire regulated year later than my parents did. our benefits will not grow as fast as social security of my parents did. on medicare plans may involve
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choices in the private market. my point is that that is the only way we're going to ring spending under control and balance the budget long term. our national debt is not driven by foreign aids. it is not being driven by defense spending. it's not by food stands and welfare. all these programs are in need of reform. the driver of our debt are these very important programs that spend more money than they take and will continue to do so at an increasing rate in the future. tom: you mentioned regulation. the affordable care act is upheld by the supreme court as constitutional. i think most republicans in the field say repeal and replace. is that where you are? sen. rubio: let me tell you why. we do have a health insurance
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problem in america that we need to confront. we have largely done is put many americans into a government mandated finance. these plans, in order to be affordable, have had to do two things. that had to make copayments very high and adoptable's very high. what you now have our individuals and jirga under one of these exchange plans that are going to an emergency room or doctor. then they are getting a bill. the bill could be as high as $4000 depending on you to dockable and copayments. this is not have that ability. as result, the provider is not hitting patriot -- is not getting paid. it limits the number of providers and choices. if the doctor knows they cannot collect the copayment and detectable, they're not getting the full chart. then more providers will not want to participate in these plans. yes, the premium is subsidize, but you have a high to dockable and copayment and limited number of doctors in the hospital. i think a better approach would be to say that in the toy for century every american would be
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in charge of their own health insurance. every american, whether it is a tax credit for you do from your employer's money, you will have the opportunity to purchase health insurance from every state in america and you will get the insurance that you want. for some people, that may be a health savings account for out-of-pocket expenses. for others, and may require more confidence of care. my point is that if he of how the consumer, the private sector will begin to create plans and compete for your business on the basis of price and quality. the way you see auto insurance -- you cannot turn on the tv without seeing five commercials. this prudential and progressive -- which one has flo? progressive. [laughter] they will target and market to you based on pricing. tom: you mentioned immigration reform.
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i thought you mentioned that was to protect american workers. did i hear that right? do you think immigration puts downward pressur on wages? sen. rubio: you are now bringing people into this country based on what should be economic. some people think of them as high skilled workers. this is not have the be in the tech industry. what the evidence shows is that when you are able to attract the world's best talent, it creates jobs for americans. it allows them to create jobs for people already living here. that is why this next phase of immigration is what we need in the 21st century. we are engaged in a global competition for talent. we need to have a higher education system to allow those to attract the best in the world as opposed to immigration system today that is largely built on whether or not you have a relative living. tom: i want to ask you about cyber security.
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we read about the office of personnel management hack and 12 or 13 million files stolen. we are seeing this more and more. a lot of people saying it is the biggest threat. what is your take on that and what would you do about it? sen. rubio: i think it would be important to get the best practices on the cutting edge. suddenly, sometimes, three generations out of step with the latest practices in the industry. i think it is important for government to the come infused -- become infused with the best practices and have unitary
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standards that all agencies comply with good ultimately, you can hack into data for the files of one agency and he gives a backdoor access to other agencies as well. the second is that we half important cyber security bill that allows us to share information with government without being exposed to lawsuits. this is an ongoing threat. this is evolving as data solutions are. you come up with a solution for a cyber breach and other five new potential threats have been created that you have to confront. even to have more collaboration, especially because there is no such thing as the government technology sector in a private technology sent her. -- in the technology sector. they are all interwoven. i think it is important to pass cyber security legislation that harbors more collaboration between the private sector and the government. tom: as you look at the global
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landscape, who is our biggest economic challenger or threat overtaking america? sen. rubio: i don't know about overtaking america. our biggest that is america. we are the biggest threat to our of the refuse the greatest opportunities it the great news about between for century is that it is not a zero-sum game. that does not mean someone has to be worse off. in a globalized economy, prosperity here can lead to prosperity somewhere else and vice versa. we need to stop thinking about it in terms of we win, you lose, whether it is our domestic economy or the world at large. technology has flattened information. today something innovative in this building can be shared in
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seconds with someone halfway through the world. knowledge is a shared commodity as opposed to something can troll by a careful people at the expense of someone else. there are other bases that would like to replace us on a global stage. i clearly believe china has that ambition. their leadership does, but that doesn't necessarily mean they're people do. i think that many respects how america and china interact with each other will be the biggest geopolitical forcibly 21st century and determine what happens of the world. i think russia has significant domestic problems. their gdp is only $2 trillion. it is not economic power, but it is a military power, run by a man who is determined to be a great leader of a great country. they can only do that militarily. they also post geopolitical challenges. there also grand master criminal groups like isis, etc.. as turn his overtaking -- in terms of overtaking, i do not view it that way. the 21st century will create prosperity for americans and hundreds of people around the world. we look hundreds of millions of people on this planet to afford to buy the things that we do and the services we offer the products we manufacture. tom: i know you have to get out of here. five minutes left? i also notice that you mentioned in your speech that we cannot continue to grow government like we did in the 2000's. george w. bush was president for eight of those years. sen. rubio: congress heading -- had a role to play in that as well. it's how people in my own party
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promising to limit the size of government, but then they grow it themselves. when you look at that time, we had tax retention -- reductions, but we had historic growth in government that was over showered -- overshadowed by historic increases. government has a role to play. have understand that you cannot have more government and what you can afford. they're learning about the hard way in greece. they are learning that in the territory of the united states puerto rico. there learning that in detroit and other places in this country. tom: he also mentioned that the system is rigged. if the government is doing the rigging, there is interesting populist strain from the left and the right. yet heard from bernie sanders and elizabeth ward and occupied wall street folks -- you have heard from bernie sanders in and elizabeth warren and occupy wall street folks and they are against crony capitalism. how big of a problem is that fit what would you do against it? sen. rubio: the more people who control the economy, the more
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they can control the government. my students were complaining that they traveled somewhere and how to use this new system called uber. no one had heard of it. they were upset when they cannot get it when they got to miami. the reason why you cannot use uber in miami is that an established industry raised a lot of money and have county influence over the government. they told the government to not allow services that they offer. for themselves, they created a monopoly using the power of government to crowd out competitors in that space. - i made that connection because
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i the that happens quite often in american government in american politics. you have established industries that create rules and regulations that only they can comply with, knowing it will crowd out and innovative competitor to enter that stage. after dodd frank, big banks have consolidated to the point where they are bigger than ever. while 40% of small banks have evaporated. they have either been bought out or close. imagine if blockbuster video when it was around, and some people do not know what that is -- imagine if they passed a law that said this. in order to rent a movie, you must rent it at a retail facility where you show your id. the argument would have been at the time, look, we want to prevent kids from seeing rated r movies. the only way to ensure that is to make sure that come to the store and show us the id when they rent the movie. that would be the argument they could've made. have they done that, we never would've had netflix or other services available. i know that sounds far-fetched and i know there are former blockbuster shareholders kicking himself for not thinking of it but that is something you see quite often when you see established industries using their connection to government to create regulations or
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parameters that only they can comply with. they limit the amount of competition. tom: last question. you're heading straight from here to iowa. what are you hearing from voters on the trail in regards to the economy? sen. rubio: i would describe the state of the country as uncertainly, and security about today, and uncertainty about the future. there are two reasons why this is happening. on geopolitical level, every single day brings news of something happening in the world that makes it more dangerous than ever. isis beheads 20 more people. a terrorist attack somewhere. russia is invading a country. china is building islands. at home, they know something has changed. all the things that we once told people to do to succeed to not work as well as they once did. no one has yet explained what the new way of doing that is. since no one has a splint to people why the old ways no longer work and what the new way should be, i think that is what is embedded in all the questions that we get.


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